Inhibrx Biosciences, Inc.

Inhibrx Biosciences, Inc. (INBX) reported a net loss of $140.1 million for FY 2025, or -$9 per basic and diluted share, compared to net income of $1.69 billion, or $114.01 basic EPS, in FY 2024. The prior year's profit was driven by a $2.02 billion one-time gain from the transaction with the Acquirer (Sanofi subsidiary), including Merger consideration and debt extinguishment. Revenue increased 550% YoY to $1.3 million from $0.2 million, from license fees under the Scithera agreement. Operating expenses fell 59% to $136.3 million from $331.6 million, with R&D down 45% to $113.0 million (clinical trials and manufacturing reductions post-INBRX-101 spin-off) and G&A down 82% to $23.3 million (no repeat Merger costs). Loss from operations improved to -$135.0 million from -$331.4 million. Cash used in operations was $129.8 million, offset by $101.4 million financing from $100 million debt issuance. Ending cash was $124.2 million, total assets $146.5 million, equity $8.0 million. Forward-looking, BLA submission for ozekibart in chondrosarcoma planned Q2 2026; cash sufficient for 12+ months amid pipeline milestones for INBRX-106.

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